5.01 Objective A

5.01 Objective A

Assessment

Flashcard

Business

9th Grade

Practice Problem

Hard

Created by

Wayground Content

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15 questions

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1.

FLASHCARD QUESTION

Front

What is pricing in the context of marketing?

Back

The determination of an exchange price at which the buyer and seller perceive optimum value for a good or service.

2.

FLASHCARD QUESTION

Front

Why is effective pricing important for a business?

Back

It is crucial for customer satisfaction and the continued success of the business.

3.

FLASHCARD QUESTION

Front

What is meant by the term "exchange price"?

Back

The monetary amount agreed upon by the buyer and seller for a product.

4.

FLASHCARD QUESTION

Front

What might happen if buyers and sellers do not perceive optimum value in a transaction?

Back

Customers will spend their money elsewhere.

5.

FLASHCARD QUESTION

Front

Which of the following is NOT a characteristic of effective pricing? Realistic, Flexible, Competitive, Arbitrary

Back

Arbitrary

6.

FLASHCARD QUESTION

Front

Why might a business set prices too low?

Back

To attract more customers by offering a bargain.

7.

FLASHCARD QUESTION

Front

What is a potential consequence of setting prices too low?

Back

Customers may associate low prices with low quality.

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